Source: Boehner offers millionaire tax hike in fiscal cliff negotiations
House Speaker John Boehner and President Barack Obama. Photos: Getty Images By Dan Mueller
WASHINGTON (AP) -- House Speaker John Boehner has proposed raising top rates for earners making more than $1 million, a person familiar with the negotiations says. President Barack Obama, who wants higher top rates for households earning more than $250,000, has not accepted the offer, this person says.
The proposal, however, indicates new progress in talks that had appeared stalled. The person would only discuss the plan on the condition of anonymity because of the sensitivity of the negotiations.
Boehner is still seeking more spending cuts than Obama has proposed, particularly in mandatory health care spending. Boehner has asked for a long-term increase in eligibility age for Medicare and for lower costs-of-living adjustments for Medicare.
Boehner's tax proposal was first reported by Politico.